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Oil prices open trading around $72 mark, US dollar gains
Published on June 2, 2010 by oilprices · No CommentsCrude oil prices open trading on Wednesday hovering around the $72 a barrel mark as the US dollar one again makes gains against the Euro and other major world currencies.
US Light crude oil futures for July delivery traded at $72.08 a barrel at 0611 GMT on the NYMEX, while in London, Brent crude oil futures for July delivery fell 46 cents to $72.25 a barrel on the ICE Futures Exchange.
The dollar index, which measures the US currency against a basket of six others, advanced 0.2% to 86.74, although the dollar was down 0.8% against the British pound at $1.466.
A stronger dollar versus the euro and other currencies weighs on oil prices as it makes the commodity much more expensive to buy for holders of other currencies. The euro is trading near a four-year low against the dollar, under pressure after the downgrade of Spain’s sovereign debt and the European Central Bank’s estimate of bank losses.
Asian stock markets opened lower on Wednesday which will probably have a negative effect on oil prices, yesterday the Dow Jones closed over one percent lower at 10,024.02.
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